President Yoon Suk Yeol has stressed the need to boost the economy by easing regulations on areas of land on which development is restricted, known as "green-belt zones."

Yoon made the remark on Wednesday during an open forum on people’s livelihoods held at the Ulsan Exhibition and Convention Center, saying efforts to build high-tech industrial complexes in regional areas often hit a snag due to green-belt regulations.  

The president then vowed to fully overhaul, for the first time in two decades, the criteria for lifting green-belt designations.

Yoon also emphasized the need to revamp regulations on farmland use, saying smart farms and vertical farming are areas where high added value can be created with farming technology itself, instead of just produce. 

The president said the government will conduct a total inspection of regulations on farmland use and swiftly revamp those that are out of date, stating that there are a total of three-hundred-36 such rules under 12 government agencies and local governments.